Update on the Stimulus Check Program: Residents of This State Can Get Checks of Up to $1,000
Despite the fact that COVID-19 cases are on the rise across the country, there is no fourth stimulus check in sight, and the child tax credit expires this month. However, the state legislature in Connecticut has enacted an extension of the earned income tax credit that will benefit approximately 200,000 individuals. According to a BGR analysis, this indicates a growing trend for state-level pandemic relief in the future.
Gov. Ned Lamond of Connecticut said last week that he had authorised the state’s congressional delegation to increase Connecticut’s 2020 earned income tax credit retroactively. According to The Hartford Courant, it has been increased from 23% to 41.5 percent of the federal credit, implying that individuals who file a tax return this year would receive an additional payment for their 2020 taxes. The credit may increase tax refunds by $375 to $1,000 in the spring.
The increase will apply to those who applied for the EITC in 2020, when it was available to everyone earning $56,844 or less. To determine your eligibility, go to the state’s website.
Lamont hailed the tax credit as a lifeline for Connecticut’s working families, saying: “It expresses our appreciation for the work you do. Work should be compensated.” According to him and his supporters in the state government, the money will primarily go to tenants with children, who will need it to catch up on payments and cover everyday expenses, citing the U.S. Census.
The state’s financial surplus grew to over $900 million last fiscal year, prompting calls for tax cuts from both Lamont and Connecticut Republicans. Of course, selecting how to make those cutbacks is a controversial matter, and a tax credit like this one is perceived as a gimmick. Many commentators, however, have pointed out that comparable tax credits are available in other states, leading some to assume that state legislators are now “competing” to create the most beneficial living conditions.
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New Jersey, which is close by, has a similar 40% tax credit programme, and other states are now following suit. South Carolina has enacted an ambitious plan that will increase its tax credit every year from now until 2023, bringing it to 125 percent by the end. As a result, the state’s earned income tax credit will be higher than the federal government’s.
In the United States, tax season will begin at the end of this month, and important information may be found on the IRS website. Visit the website of your state government to learn more about the programmes available in your area.